Monday, June 9, 2014

News: AESSEAL founder invests in Surgical Innovations Group

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Chris J. Rea, OBE, founder of Rotherham success story, AESSEAL, has acquired an 8.9% stake in Surgical Innovations Group Plc (SI), the Leeds firm that specialises in the design and manufacture of creative solutions for use in minimally invasive surgery (MIS) and industrial markets.

AIM-listed Surgical Innovations Group said in a statement that it raised approximately £1.6m from Rea by way of a subscription for 39,459,190 new ordinary shares of 1p each, at a price of 4p per share.

The group said that the funds raised will provide additional working capital for its strategy for growth and strengthen its ability to move rapidly and effectively into two key areas of minimally invasive surgery: the offering of a unique clinical solution for 3mm surgery and a resposable universal seal port access system that together support an enhancement in the group's revenues per surgical procedure.

The deal will also see Chris Rea take a place on the board as a non-executive director. Chris is expected to be formally appointed at the next meeting of the board of directors on June 24 2014.

With Doug Liversidge CBE, a former master cutler, as non-executive chairman, SI increased revenue to £8.55m for the financial year ended December 31 2013 with EBITDA (earnings before taxes) of £2.51m, slighty down on the £2.89m reported in 2012.

Doug Liversidge, non-executive chairman at Surgical Innovations Group, said: "The involvement of Chris Rea with Surgical Innovations both as an investor and a board member will be a major asset for the company and a vote of confidence in its long term future.

"Chris brings his immense experience of manufacturing and international business to the company, at a time when it has established a solid basis for growth."

AESSEAL is an award-winning Rotherham manufacturer and recently reported further growth in sales and profit, a record that extends over 30 consecutive years. With global headquarters at Templeborough, AESSEAL is the world's fourth-largest designer and manufacturer of mechanical seals for a wide range of industries, including oil and gas, food, water, mining and pharmaceuticals.

AES Engineering Ltd, parent to the AESSEAL Group, reported its annual results for the year to December 31 2013 which showed that sales increased by 11% to £146.5m.

Born in Northern Ireland in 1954, entrepreneurial Rea founded AES in 1979 and still retains a 60% majority interest and control. The Irish Independent recently placed Rea 85th in its 2014 Rich List, estimating a net worth of €135m.

Surgical Innovations Group
AESSEAL website

Images: AESSEAL

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